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Ethena’s ENA token has surged 14% and moved toward a key resistance level that has previously triggered reversals, according to market and on-chain data. As of this writing, ENA is up 14.22% over the past 24 hours and is trading at $0.123.
The rally has also drawn increased activity: trading volume rose 72% to $283.55 million during the same period.
On the daily chart, ENA appears bullish after breaking out of a descending channel pattern. However, the token is struggling to push higher due to resistance at $0.1345, a level it has faced since the beginning of February 2026.
If ENA clears $0.1345, the article notes it could trigger a move of over 45%, potentially reaching $0.198. If it fails to break above the level, a significant decline could follow.
At press time, technical indicators pointed to stretched conditions. The Money Flow Index (MFI) was 86.01 and Chaikin Money Flow (CMF) was -0.02, suggesting ENA was in an overbought zone with weakening capital inflows. This combination can indicate a potential slowdown or short-term correction in price momentum.
On-chain analytics from Nansen indicate strong interest from major players and long-term holders. Over the past 30 days, the top 100 addresses increased their ENA holdings by 4.85%, signaling accumulation.
Derivatives data from CoinGlass highlights specific liquidation levels near the current trading range: $0.1204 on the lower side and $0.1262 on the upper side. At these levels, traders appear overleveraged, with $3.31 million in long positions and $1.20 million in short positions built up. The imbalance suggests bulls are currently in control and targeting further upside.
CoinGlass data also shows Open Interest (OI) rising by 12.82% to $251.47 million, indicating increased trader participation. The article links the higher OI and the dominance of long positioning to a strengthened bullish outlook.
ENA is trading near a make-or-break resistance at $0.1345. Clearing that level could open the door to an additional move of more than 45%, with a potential target cited at $0.198. Meanwhile, derivatives and on-chain metrics described in the article support the bullish case, even as MFI and CMF suggest the market may be overextended in the short term.
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